Buying a home while deployed can be difficult. Luckily, using something called Power of Attorney will all you to enjoy the American dream while deployed.
What is Power of Attorney?
In basic terms, giving someone Power of Attorney gives them the ability to sign legally binding documents in your stead. This individual becomes your proxy.
To Whom Should You Give Power of Attorney?
You should only give Power of Attorney to someone you trust completely. In some cases, this individual will need to make decisions without even being able to talk with you. You want to select someone who clearly understands your wishes and will respect them.
Doesn’t My Spouse Automatically Have Power of Attorney?
No. They don’t. Nor will the lender let you and your spouse fib a little about this fact. Lying, misrepresentation and forgery on Federal loan documents is a felony.
How Do I Make Sure My Spouse Has Power of Attorney?
Don’t assume a generic catch-all Power of Attorney will do. Some lenders will require their own unique Power of Attorney documents. If you’re thinking about making a purchase while you’re gone, speak with your lender before you deploy. You’ll want to determine their specific requirements.
Am I Still on the Hook if I Give My Spouse Power of Attorney?
Yes. You are still responsible for meeting all legal and financial obligations in your name. Just because your spouse signs on your behalf, does not pass the responsibility off to them.
Do you have additional questions about VA loans or how buying a home through Power of Attorney works? Give me a call today.
